OPEC sources said late on Friday that officials had not yet reached an agreement on the details of the production reduction plan and Iran opposed the move. The market only saw Saudi Arabia’s willingness to cut productioCrude oil trading signals are freen by 4%, but it did not respond to Russia’s attitude.
South Korea was the first country to stop importing Iranian crude oil after the United States issued a ban. Since September 208, South Korea’s crude oil imports to Iran have become zero. South Korea also stopped importing Iranian crude oil, and the country's own refined oil prices have soared for more than ten consecutive days. Now, South Korea has finally restarted importing Iranian oil.
According to data from Longzhong Information, after the price adjustment, the retail price of 92# gasoline in most areas of the country is 78-98 yuan/liter, diesel is 42-60 yuan/liter, and the discount rate at gas stations stabilizes at 0.6-0.8 yuan/liter. .
According to analysts’ estimates, after the sanctions, Iran’s crude oil exports will be reduced by 200,000 barrels/day to 500,000 barrels/day, which is enough to aggravate the already tight international crude oil market, thereby boosting oil prices and helping Saudi Arabia. At the same time as Aramco’s IPO, Saudi Arabia is expected to increase production and replace Iranian oil that has been missing from the market due to the re-imposition of sanctions. Customers, including the world’s largest oil importer, who have already reduced their purchases of Saudi crude oil may now have to expand their imports. Oil, which makes Saudi Arabia stable and profitable.
The White House announced the list of members of the delegation, including U.S. Treasury Secretary Mnuchin, U.S. Ambassador to China Branstad, Secretary of Commerce Ross, Trade Representative Lighthizer, Trump’s economic adviser Larry Kudlow, Trade consultant Navarro, international economic affairs consultant Eisenstadt.
On the other hand, oil production is growing. As shale oil skeptics warn, this growth may not be sustainable in the long run. But fCrude oil trading signals are freeor now, this growth is continuous and will limit oil prices.
Ten years ago, a banking crisis triggered a global economic recession and a sharp drop in oil prices caused by a sharp drop in demand. After setting an all-time high of US$450 per barrel in July 2008, the price of Brent crude oil plummeted and fell to as low as US$20 per barrel by the end of the year. In the face of the disaster, OPEC member states first put aside internal disputes and reached agreement on the largest production cut in history at the fastest rate in history. In just eight months, production fell by 6%.